Forwarded from 📡Guardians of Hong Kong
#Economy #Finance #Audit #ChinaPolicy #ChineseCompanies #US
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
The Trump administration advisers have proposed to President Trump that Chinese companies shall lose their listings on the US stock markets if they do not comply with US audit requirements by 2022.
The US Senate has already passed a bill in May 2020 requiring the Public Company Accounting Oversight Board (#PCAOB) to audit foreign listed companies. If the relevant companies fail to comply for three consecutive years, the companies will be forced to give up their listings. The Wall Street Journal has reported that the President’s Working Group (#PWG) on Financial Markets, chaired by Treasury Secretary Mnuchin, has announced at a briefing on August 6th that they have completed a report on how to protect American investors. At the briefing, the officials from the treasury department stated that Chinese companies currently listed on the US exchanges must disclose their accounts to the PCAOB, and that Chinese companies will be delisted from US stock markets if they fail to meet these audit requirements by 2022. In other words, Chinese companies currently listed in the US still have more than a year to prepare their audits.
According to a Reuters report, Chinese companies preparing to go public on the US exchanges must comply with the new audit regulations. The report also states that Chinese firms can opt for a “co-audit” through U.S. accounting firms with China-based affiliates.
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
https://thestandnews.com/finance/%E8%8F%AF%E5%BA%9C%E9%A1%A7%E5%95%8F-%E5%88%B0-2022-%E5%B9%B4%E4%BB%8D%E6%9C%AA%E7%AC%A6%E7%BE%8E%E5%AF%A9%E8%A8%88%E8%A6%81%E6%B1%82%E7%9A%84%E4%B8%AD%E8%B3%87%E4%BC%81%E6%A5%AD%E8%A6%81%E9%99%A4%E7%89%8C/
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
The Trump administration advisers have proposed to President Trump that Chinese companies shall lose their listings on the US stock markets if they do not comply with US audit requirements by 2022.
The US Senate has already passed a bill in May 2020 requiring the Public Company Accounting Oversight Board (#PCAOB) to audit foreign listed companies. If the relevant companies fail to comply for three consecutive years, the companies will be forced to give up their listings. The Wall Street Journal has reported that the President’s Working Group (#PWG) on Financial Markets, chaired by Treasury Secretary Mnuchin, has announced at a briefing on August 6th that they have completed a report on how to protect American investors. At the briefing, the officials from the treasury department stated that Chinese companies currently listed on the US exchanges must disclose their accounts to the PCAOB, and that Chinese companies will be delisted from US stock markets if they fail to meet these audit requirements by 2022. In other words, Chinese companies currently listed in the US still have more than a year to prepare their audits.
According to a Reuters report, Chinese companies preparing to go public on the US exchanges must comply with the new audit regulations. The report also states that Chinese firms can opt for a “co-audit” through U.S. accounting firms with China-based affiliates.
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
https://thestandnews.com/finance/%E8%8F%AF%E5%BA%9C%E9%A1%A7%E5%95%8F-%E5%88%B0-2022-%E5%B9%B4%E4%BB%8D%E6%9C%AA%E7%AC%A6%E7%BE%8E%E5%AF%A9%E8%A8%88%E8%A6%81%E6%B1%82%E7%9A%84%E4%B8%AD%E8%B3%87%E4%BC%81%E6%A5%AD%E8%A6%81%E9%99%A4%E7%89%8C/
Forwarded from 📡Guardians of Hong Kong
#HumanRights #Audit
UK Government urged to carry out audit of assets of Hong Kong and China officials linked to Human Rights violation
//A group of 110 MPs has written to Foreign Secretary Liz Truss calling for the audit after recent research by human rights NGO Hong Kong Watch found nine Hong Kong officials and 12 "patriotic" politicians accused of complicity in human rights violations in the city have property overseas.
This includes five Hong Kong officials and six politicians who own property in the UK.//
Read full article:
https://t.co/JZBQU89VXf
#NationalSecurityLaw
Source: Sky News; #May28
UK Government urged to carry out audit of assets of Hong Kong and China officials linked to Human Rights violation
//A group of 110 MPs has written to Foreign Secretary Liz Truss calling for the audit after recent research by human rights NGO Hong Kong Watch found nine Hong Kong officials and 12 "patriotic" politicians accused of complicity in human rights violations in the city have property overseas.
This includes five Hong Kong officials and six politicians who own property in the UK.//
Read full article:
https://t.co/JZBQU89VXf
#NationalSecurityLaw
Source: Sky News; #May28
Forwarded from China in Focus - NTD
Media is too big
VIEW IN TELEGRAM
Washington is suspending 26 #ChineseAirlines in September. The move responds to China’s halting of over two dozen U.S. flights over COVID-19 policy.
A deal has been struck between U.S. and Chinese regulators. But will it bring an end to the ongoing debate over #Audit access?
⭕ Watch the full episode 👉https://ept.ms/FlightsSuspended
🔵 Enjoy 50% OFF 👉https://ept.ms/3bFhoZB
A deal has been struck between U.S. and Chinese regulators. But will it bring an end to the ongoing debate over #Audit access?
⭕ Watch the full episode 👉https://ept.ms/FlightsSuspended
🔵 Enjoy 50% OFF 👉https://ept.ms/3bFhoZB
Forwarded from China in Focus - NTD
Media is too big
VIEW IN TELEGRAM
One of the world's "Big Four" accounting firms, #KPMG, and its Chinese clients came under scrutiny after an #Audit was done by a watchdog group. The Auditors weren't able to find evidence to substantiate the company's financial statements.
https://ept.ms/ChinaSpyArrested_CIF
https://ept.ms/ChinaSpyArrested_CIF